Whether you’re a solo veterinarian, a thriving practice of many, or a multi-site operation, buying the right level of veterinarian coverage for your business is key.
You’re working hard to build your business, and having the right insurance will give you the peace of mind you need to focus on the things that matter most.
What type of coverage do you need to insure a veterinarian practice?
Running a veterinarian clinic comes with a unique set of risks. The most common forms of insurance include:
- General Liability Coverage
- Business Owner Policy
- Business Interruption Insurance
- Workers Compensation Coverage
- Employment Practice Liability Insurance
- Professional Liability Coverage / E&O
- Commercial Property Insurance
- Commercial Auto Insurance
We also offer supplemental coverage in addition to our regular insurance.
This extra coverage could be what your business needs, including:
- Data Breach Insurance
- Theft Insurance
- Back-up of sewers and drains
- Cyber Liability Insurance
- Animal Bailee Coverage
If you want to buy insurance for your vet clinic, it’s always wise to speak with a local commercial insurance agent in advance.
We can help answer any questions you may have and offer expert guidance before providing you with competitive quotes that cover everything you need.
What’s the best way to save money buying Vet insurance?
If you want to reduce the cost of buying insurance for your veterinarian practice, the quickest and most effective way to do this (without having to compromise on your coverage) is to buy a business owner policy.
A business owner policy will combine commercial general liability insurance, commercial property insurance, and in many cases, it will also give you business interruption coverage as well.
Because you are bundling these coverages together, you get a discount compared to buying them individually.
Buying Malpractice Coverage for a Veterinarian Practice
While it’s never easy to think something could happen if an error is made by yourself or an individual within your practice, having the right liability coverage could potentially save you from a costly lawsuit.
Whether or not you were liable, mounting a legal defense alone can cost a significant sum of money.
However, if a professional error is made that results in a loss or perceived loss, then this type of insurance can protect you or your staff in the event of a lawsuit.
It could cover legal fees and compensation if damages are awarded.
What is Animal Bailee Coverage?
This is a type of coverage that is typically taken out in order to go above and beyond liability coverage.
If an animal runs away, is lost, or becomes ill or injured, this is designed to cover such an instance.
It can help cover medical expenses if the pet is harmed, and it can also cover settlements and legal expenses.
If a pet was to die of experimental research or natural causes, then this will not be covered as a loss.
What factors impact the cost of buying veterinarian insurance?
The cost of buying veterinarian insurance will depend on the specific type and levels of coverage you need.
If you buy commercial general liability insurance, property insurance, errors and omissions coverage, and animal bailee’s, it’s always best to try and purchase them from the same company.
Doing this could help you secure the biggest discount.
Aside from these core policies, there are a few other variables that will impact the price.
- The size of the property
- Business size
- Number of employees
- Veterinarian specialties
- Policy deductibles
- Claims history
- Services provided
- Policy limits
- The insurer
As you can see, there are many moving parts to consider, and with each having the potential to impact the cost of insuring your veterinarian business, it’s vital you speak with a local commercial insurance agent to ensure you are buying the right coverage, at the right level, with the best insurer.
Get A Quote for Veterinarian Insurance from Paradiso Today
If you want to get a quote for coverage, it’s important to have the basic information mentioned above.
Any professional associations you belong to, the state department of insurance, and your insurance agent will all help you know exactly what level and type of coverage are right for you.
At Paradiso, our friendly team will talk you through the options and help you find the best insurance for your business.
Our goal is to make the process of buying insurance as easy as we can while keeping your budget and needs a priority.
If you lease a salon, do you still need to buy commercial property coverage?
The first thing you should do is check your lease agreement to see what that stipulates regarding the specific type of insurance you need to buy.
While most landlords will have their own property insurance in place, you may also find that you are contractually obliged to buy coverage as well.
Commercial property insurance also covers your inventory, furnishings, company signage, and more.
If you lease a chair to another professional, do they need their own insurance?
Yes, it’s always a good idea to ask any self-employed individual working on your premises to provide their own certificate of liability insurance.
Make sure you take a copy for your records if this is the case.
If I offer mobile appointments as well as salon-based insurance, what coverage should I buy?
You should buy coverage for your salon and let your insurer know you also provide services on a mobile basis too.
Usually, this means you need to ensure you have adequate coverage for your vehicle, and this could mean buying a commercial auto insurance policy to give you coverage for traveling to different locations on a regular basis.
If you’re considering buying hairdresser insurance for your business, whether you are a mobile hairdresser or you have a salon, it’s important to speak with an experienced commercial insurance agent first.
At Paradiso Insurance, we believe that by partnering with our clients, we can provide you with the best levels of coverage and make the process as easy as possible for you.
We have a friendly, knowledgeable team that is ready and waiting to answer your questions and offer you the help you need to get your hairdresser insurance in place quickly.